Duty-free vehicles for investors

Duty-free vehicles for investors

The  Government is considering bringing back tax holidays—this time two years instead of the previous five—for locals and foreigners who bring in investment projects in excess of US$ 50 million (Rs. 16 billion) along with duty-free vehicles.

The Treasury has stressed that only electric vehicles will be permitted under the scheme.

In the past many have misused the duty-free concessions by importing vehicles and not set up projects as promised.

The Government is also aiming to set up new Board of Investment (BoI) zones through the 2024 budget, Minister Amunugama disclosed. He said sites had been identified for several of the BoI zones. A new BoI zone is expected to be established on the land that previously housed the Voice of America (VOA) relay station at Iranawila. Other places that have been earmarked for BoI zones are Bingiriya, Paranthan, Mankulam and Kankesanthurai.

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